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I know a guy in his 40s who works part time and goes to school part time because as long as he is still in school, his loans don't come due. He has no way to p
by btilly 8y ago
I know a guy in his 40s who works part time and goes to school part time because as long as he is still in school, his loans don't come due.
He has no way to pay his loans, never will, and is unable to discharge them in bankruptcy.
Yeah, there is a "poor me" element to this. However bankruptcy laws exist for a reason, and denying people like him access to bankruptcy forces them into unproductive lives. That non-productivity makes all of us worse off in the long-run.
- TallGuyShort 8y agoThe lack of defaults on loans also takes away much of the incentive for the lenders to due any due diligence on the viability of your decision. They can lend and will get their money one way or another (except in extreme cases like your friend).
- dragonwriter 8y ago> The lack of defaults on loans also takes away much of the incentive for the lenders to due any due diligence on the viability of your decision. Since private government-guaranteed loans were discontinued, most private student lending dried up, so “lenders” here basically refers to the federal government.
- smcameron 8y agoI've also heard of people staying in school like this for the health insurance.